Student Loan Forgiveness Programs for Nurses
Along with all of the experience and education you’ve garnered as a nursing student, you’ve also incurred quite a bit of debt. Furthermore, the options available for paying off that debt might look a little different for you than they do for other nurses. Factors like where you live, when you graduated, and where you work all play a part in the types of programs you may be able to benefit from.
Top 3 Loan Forgiveness Options for Nurses
Whether you’re approaching the end of your post-graduate grace period or years into making payments, here are three student loan forgiveness programs you may have heard of.
Public Service Loan Forgiveness
The Public Service Loan Forgiveness (PSLF) Program is a popular option among nurses working full-time for government organizations or nonprofits. Candidates must make 120 qualifying payments on their loan before they are eligible for PSLF.
Nurse Corps Loan Repayment Program
Available to RNs working in critical shortage facilities such as public hospitals and free clinics, the Nurse Corps Loan Repayment Program (NCLRP) repays up to 85% of nursing student loans for qualifying applicants. Candidates must work two or more years in a critical shortage facility to qualify.
Perkins Loan Cancellation
Nurses with a Perkins loan may have a unique opportunity to have their debt fully forgiven. The program that provided Perkins loans ended in 2017, and nurses that obtained Perkins loans before 2017 and have worked for five or more consecutive years may qualify for partial or complete loan cancellation.
Other Ways to Pay Your Nursing Student Loans
On top of looking into the loan forgiveness options mentioned above, check to see which specific opportunities are available in your state. You might qualify for loan forgiveness if you work in a shortage area or commit to a specific amount of service. If you aren’t eligible for any student loan forgiveness program or are searching for a different financial option, you may want to consider refinancing and securing a lower interest rate.
Find Your Perfect Career Match
Next to paying off your student loan debt, your top goal as a nurse is finding fulfilment in your work and your place of work. If you’re trying to qualify for a specific loan forgiveness program and need professional help finding the right nursing openings, join the HealthCare Support talent network. Our team of healthcare recruiters work day in and day out to match candidates with the right opportunities and offer continual career support. To get in touch with a healthcare recruiter, contact HealthCare Support today at 888-219-6285.